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FIG Bond Comments

ANZ GBP500m 1.809% 10.25NC5.25 tier two

Rating: Baa1/BBB+/A-

Frank Jackman, June 10, 2021
ABS

US aircraft ABS en route to speedy recovery

The US aircraft ABS market is recovering at a faster pace than anticipated, bolstered by increasing vaccination rates and a pent-up desire to travel ahead of the summer months. However, the biggest driver for investor demand is the structural changes in recent deals, with pristine collateral, shorter debt coverage ratios and robust skin in the game.

Jennifer Kang, June 10, 2021
Equity IPOs

Buy-side bemoans Europe’s quixotic IPO market

Europe’s IPO market is brimming with deals but investors think that some banks are pushing companies that have no chance of listing, which will lead to a high failure rate. The number of pulled deals is growing and that is earning the wrath of the buy-side, writes Sam Kerr.

Sam Kerr, June 10, 2021
RMBS

Kensington ‘green’ RMBS priced despite scepticism

Kensington, the pioneer of the first social RMBS in the UK, priced the country’s first mortgage securitization with a class ‘A’ green tranche, achieving 65bp pricing for the senior notes on Thursday. However, investors said the green feature did not impact on pricing and called for “more ambitious” ESG targets.

Tom Brown, June 10, 2021
Covered Bonds

Covereds wobble as sensitivity on display

Covered bonds issued this week by SCBC and Bank of New Zealand were thinly oversubscribed and illustrated that investors are still sensitive to price, albeit that demand was good for a small green debut from Eika Boligkreditt and a tap from Oma Savings Bank.

Bill Thornhill, June 10, 2021
EM Middle East

Aramco uncovers ‘pent-up’ demand in sukuk market as issuance expected to grow

A brace of sukuk trades from the Gulf this week racked up enormous order books, demonstrating the voracious demand for Sharia-compliant paper. With a hungry investor base, sukuk issuance is expected to grow, despite some "teething problems".

Mariam Meskin, June 10, 2021
High grade and crossover bonds

Nestlé sterling keeps roaring streak going

Having visited the euro market last week, Nestlé has bounced quickly into sterling, finding solid demand for a £1bn dual tranche trade on Wednesday.

Mike Turner, June 10, 2021
CLOs

CLO investor Sancus leads wave of new managers

CLO investor Sancus Capital Management became a manager last week when it priced its debut deal. Pacific & Plains Capital, another newly formed CLO business, is also expected to join the list of CLO managers with a first deal on the horizon.

Paola Aurisicchio, June 10, 2021
Leader

MREL is the real challenge for Greek banks

Investors had plenty of appetite for a super-high yielding additional tier one from Piraeus Bank this week. Will they still be hungry when Greek banks try and issue large volumes of senior debt for their regulatory requirements?

Tyler Davies, June 10, 2021
Private Equity

Bread Street aims to bring private equity to UK pensions

Two former investment managers at Aberdeen Standard have launched a firm called Bread Street Capital Partners, with the aim of creating a series of listed private markets funds to broaden access to the funds of top tier financial sponsors. The firm also aims to capture more investment from UK defined contribution pension schemes, which have historically had tiny allocations to private equity compared with some of their international peers.

Owen Sanderson, June 10, 2021
Asia

Georgian Railway steams into green bond market

Georgian Railway steamed into the green bond market on Thursday, raising a benchmark dollar bond.

Mariam Meskin, June 10, 2021
High grade and crossover bonds

Ascendas hires for debut in euros

Ascendas Reit, Singapore’s largest listed business space and industrial real estate investment trust, mandated banks for a debut Eurobond on Thursday, with some analysts saying that the debt markets are underpricing risk for office operators.

Mike Turner, June 10, 2021

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